InheritanceTax (IHT) Consultation

Below are some of the items included in your 60 minute IHT Consultation:

1. Calculating your Estate’s current exposure to IHT.

• Advising on the potential tax implications of any previous lifetime gifts you have already made.
• Assessing whether any tax planning already undertaken or put in place through your current Will is still tax efficient.
• The tax implications of gifting your personally owned Buy-to-Let properties during your lifetime or through your Will.
• The tax implications of gifting shares in your Property Company during your lifetime or through your Will.
• The effect of Marriage or Divorce on your IHT planning and Will.
• Considering the impact any future inheritances you are anticipated to receive might have on your Estate value and IHT position.
• The intestacy rules that would apply to your Estate should you die without a valid Will.

2. Ways to reduce your Estate’s exposure to IHT.

• Making use of the various lifetime gifts that are exempt from IHT.
• The use of Potentially Exempt Transfers (PETS) for IHT planning and when taking out insurance against IHT becoming due might be beneficial. The use of taper relief to reduce any tax due on PETS that become chargeable on death.
• The use of Trusts for gifting residential properties or shares in your property company for both IHT planning and asset protection purposes.
• Ensuring your Estate makes efficient use of your IHT nil-rate band and the additional residential nil-rate band on death.
• Considering ‘generation skipping’ with inheritances you expect to receive.
• Post-death tax planning: how Deeds of Variation can be used to improve IHT positions after a death.
• The tax implications of gifting part of your Estate to charity.